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Book synopsis

A macroeconomic disequilibrium model is developed for the§Federal Republic of Germany. Starting with a microeconomic§model of firm's behaviour, the optimal dynamic adjustment of§employment and investment is derived. The model of the firm§is complemented by an explicite aggregation procedure which§allows to derive macroeconomic relations. The model is§estimated with macroeconomic data for the Federal Republic§of Germany.§An important feature is the consistent introduction of§dynamic adjustment into a model of the firm. A new method is§the particular approach of a delayed adjustment of§employment and investment.§The estimation results show significant underutilizations of§labour and capital and indicate the importance of supply§constraints for imports and exports. As the most prominent§result, they reveal the importance of the slow adjustment of§employment and investment for the macroeconomic situation in§Germany and especially for the persistence of high§unemployment in the eighties.

Book details

Book category Books in English Economics, finance, business & management Economics Econometrics

• Full title: Dynamic Factor Demand in a Rationing Context
• Subtitle: Theory and Estimation of a Macroeconomic Disequilibrium Model for the Federal Republic of Germany
• Author: Werner Smolny
• Language: English
• Binding: Paperback
• Number of pages: 242
• EAN: 9783790807127
• ISBN: 3790807125
• ID: 05291539
• Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
• Weight: 395 g
• Dimensions: 235 × 155 × 16 mm
• Date of publishing: 30. September 1993

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